(Alliance News) - Pearson PLC confirmed on Friday that Apollo Global Management Inc had made two cash offers for the company in November and March.
The London-based publishing and education company Pearson said it had rejected both offers made by Apollo.
The confirmation by Pearson comes after the New York-based private equity and investment management firm Apollo made a seperate statement earlier on Friday regarding "recent market speculation" around Pearson.
Pearson shares surged 21% to 784.40 pence per share in London on Friday afternoon, the top FTSE 100 gainer. It has a market capitalisation of about GBP6 billion.
Pearson said the first proposal, received in November, was for a possible cash offer of 800 pence per share. Pearson rejected this offer.
A second proposal at a price of 854.2p per share - including the 2021 dividend of 14.2p per share - was received in March. Pearson said it "considered" the offer but also "unanimously" rejected this offer.
Apollo shares closed 1.9% lower to USD62.07 each in New York on Thursday.
By Greg Roxburgh; gregroxburgh@alliancenews.com; updated by Heather Rydings; heatherrydings@alliancenews.com
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Pearson (PSON)